Contactless Payment Limit To Be Raised
Tuesday 31st March 2020
At last the upper level of contactless card payments is to be raised from £30 per purchase to £45.
This will of course help reduce the times pin numbers have to be entered and lessen the need to use cash.
Notes and coins , according to the World Health Organisation , can spread Coronavirus made especially worse because tracing the cash spend-point origination is difficult. Touching pin machines is also a potential disease spreader.
The reason both Mastercard and Visa have to set limits on contactless payments is because
if a card is lost or stolen , the financial loss is limited to about five times the upper limit. After a few contactless payments are made the card still needs to be presented to chip and pin , thus protecting further losses. If somebody loses their wallet filled with cash , it is all lost with no way of recalling it. At least a card can be reported and cancelled or stopped as soon as the disappearance is noticed ,
Every opportunity to reduce the use of cash is a great step towards a cashless society. Cash supports the black economy and all crime for which all honest , hard working people pay.
In addition , the UK would see an annual economic boost of at least £20 billion due to the huge income tax and VAT losses because of the illicit use of cash by criminals and tax cheats.